AK Steel Holding Corporation (NYSE:$AKS) released its Q2 earnings report today, and the stock went flying.
When looking at the Q2 earnings report, we can see that the company reported earnings per share of 19 cents for the second quarter of 2017. This is a clear increase over AK Steel Holding’s earnings per share of 8 cents from the same time frame in 2016. The company also surpassed Wall Street’s earnings per share estimate of 12 cents for the quarter.
Yet another advantage to AKS stock was a revenue of $1.56 billion in Q2 of 2017. It’s worth noting that the Ohio-based company reported revenue of $1.49 billion during Q2 of last year. As a result, analysts were forecasting the company to report revenue of $1.55 billion in the second quarter of 2017.
In addition, AK Steel Holding reported that operating profit in the second quarter was $109.50 million. To put that into perspective, the steel producer reported an operating profit of $62.2 million in the same time frame in 2016.
Furthermore, AK Steel Holding reported their net income in the Q2 earnings report. In this, we see the net income for Q2 to be $76.40 million. This is an increase from the company’s net income of $33.90 million in Q2 of 2016.
Last but not least, AKS gave an update on its $360 million acquisition of Precision Partners Holding Company. In the Q2 earnings report, the company noted that it has been given approval for the deal by United States regulators and that it is waiting for approval from Canadian regulators. If all goes as planned, AK Steel Holding forecasts that the deal will close during Q3 of 2017.
As of Tuesday morning, AKS stock was up 13%. However, it is down 33% year-to-date.
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